Do you have to start your own business to be successful? Although some business owners become very successful, others end up shutting their doors after a few years. That’s why Grant Cardone proposed another way to become rich.
“You gotta find somebody that is successful and still wants to be successful,” he said.
Here’s how you can use this advice to build long-term wealth.
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You Don’t Need 50 Investments
Cardone mentioned that you don’t need 50 investments to become a billionaire. He said that Steve Jobs only had two investments. Pixar and NeXT were his two major investments before leaving Apple, and once he rejoined Apple AAPL, that’s where he got most of his wealth.
While diversifying your portfolio has benefits, there is the risk of over-diversification. Spreading your time and capital across too many investments can cause you to miss opportunities. Furthermore, you may spread your time too thin and end up with a bunch of slow-growing or declining income streams.
Picking a few good investments instead of having 50 investments can accelerate wealth building if you pick the right investments. It’s not a strategy for everyone, but if you know the person behind the company and the growth opportunities, it may be worth considering.
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Look At The Company’s Leader
The leader plays a decisive role in the company’s ability to tap into catalysts and provide long-term returns for patient investors.
If you want to see what type of an impact a leader can have on a corporation’s valuation, look no further than Tesla TSLA. People have been saying that it’s overvalued for years. If Elon Musk wasn’t leading Tesla, the stock would probably be a lot cheaper. Recently, Tesla stock jumped higher the moment Musk said he would move away from the White House’s Department of Government Efficiency to focus fully on Tesla. These trends demonstrate how much value Tesla investors put into Musk’s involvement with the company.
Cardone suggested looking for leaders who still want to grow. He also recommended avoiding leaders who are complacent or are on the downswing of their careers.
See Also: Are you rich? Here’s what Americans think you need to be considered wealthy.
Work With The Right Person
Cardone mentioned having a friend who would have made him billions if Cardone dropped everything to work with him at an early stage of his startup. You don’t have to drop everything and put all of your hopes into a single startup, but it demonstrates how much you can grow if you work with the right person when they are getting started with a new venture.
Cardone then mentioned that Warren Buffett didn’t start any businesses despite being worth billions. Berkshire Hathaway BRKBRK has relied on strategic acquisitions and investments to generate compounding returns for patient investors.
Buffett started one business – Buffett Partnership Ltd. – in 1956. However, he only put $100 of his money into it and received $105,000 from investors. Right from the beginning, Buffett used strategic leverage and acquisition to grow his empire. You don’t always have to start a business and be the boss if you’re surrounded by the right people and opportunities.
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